BRP License Renewal Rejections

12 Jul

The Companies and Intellectual Property Commission (CIPC) has issued Customer Notice 44 of 2024 regarding the rejection of Business Rescue Practitioner (BRP) license renewal applications. Due to non-compliance with Section 132(3) (a)-(b) of the Companies Act 71 of 2008, many practitioners have failed to submit the required monthly status reports on business rescue proceedings.

Key Points:

Practitioners must prepare and update a monthly report on the progress of business rescue proceedings.
Reports must be delivered to each affected person and the Commission or the court.
Non-compliant practitioners will have their license renewal applications rejected until all reports are filed and up to date.

To avoid renewal issues, ensure all status reports are submitted promptly and continuously until the end of the proceedings.

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